# Country FE + Year FE Robustness

| Model | N | Countries | R² | Z₁ coef | Z₁ SE | Z₁ p | Sig |
|---|---|---|---|---|---|---|---|
| D1: Baseline (no FE) | 3,222 | 99 | 0.024 | -1.2092 | 0.3759 | 0.0013 | *** |
| D2: + Year FE | 3,222 | 99 | 0.038 | -0.9134 | 0.3857 | 0.0179 | ** |
| D3: Within + Year FE | 3,222 | 99 | 0.102 | -0.8665 | 0.4064 | 0.0330 | ** |

## Full Coefficients (excluding year dummies)

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| D1: Baseline (no FE) | Z_1 | -1.2092 | 0.3759 | 0.0013 | *** |
| D1: Baseline (no FE) | Z_2 | 0.1551 | 0.0544 | 0.0044 | *** |
| D1: Baseline (no FE) | Z_3 | -0.0057 | 0.0022 | 0.0088 | *** |
| D1: Baseline (no FE) | log_gdp_pc | 0.0537 | 0.0149 | 0.0003 | *** |
| D1: Baseline (no FE) | rgdp_growth | -0.0003 | 0.0003 | 0.2582 |  |
| D1: Baseline (no FE) | kaopen | -0.0021 | 0.0043 | 0.6280 |  |
| D1: Baseline (no FE) | nfa_gdp_lag | -0.0005 | 0.0019 | 0.7966 |  |
| D2: + Year FE | Z_1 | -0.9134 | 0.3857 | 0.0179 | ** |
| D2: + Year FE | Z_2 | 0.1121 | 0.0557 | 0.0444 | ** |
| D2: + Year FE | Z_3 | -0.0040 | 0.0022 | 0.0700 | * |
| D2: + Year FE | log_gdp_pc | 0.0530 | 0.0153 | 0.0005 | *** |
| D2: + Year FE | rgdp_growth | -0.0003 | 0.0003 | 0.3660 |  |
| D2: + Year FE | kaopen | 0.0009 | 0.0044 | 0.8457 |  |
| D2: + Year FE | nfa_gdp_lag | -0.0005 | 0.0019 | 0.7754 |  |
| D3: Within + Year FE | Z_1 | -0.8665 | 0.4064 | 0.0330 | ** |
| D3: Within + Year FE | Z_2 | 0.1220 | 0.0571 | 0.0328 | ** |
| D3: Within + Year FE | Z_3 | -0.0044 | 0.0023 | 0.0547 | * |
| D3: Within + Year FE | log_gdp_pc | 0.1354 | 0.0273 | 0.0000 | *** |
| D3: Within + Year FE | rgdp_growth | -0.0005 | 0.0003 | 0.0713 | * |
| D3: Within + Year FE | kaopen | 0.0065 | 0.0047 | 0.1635 |  |
| D3: Within + Year FE | nfa_gdp_lag | -0.0007 | 0.0019 | 0.7121 |  |

*D1: Pooled GLS (no FE). D2: Pooled GLS + year dummies. D3: Country-demeaned + year dummies (within estimator).*